Ferrous scrap availability remains low in Mumbai, with the heavy monsoon rains further impacting collection. Demand, however, remains under pressure which kept prices unchanged.
The daily Davis Index for HMS 1&2 (80:20) settled flat at Rs33,000/mt ($444.42/mt) del Mumbai mill, and the index for sponge iron rose by Rs100/mt to Rs30,600/mt del mill.
End-user demand for steel remains weak in the North, and ingot makers stayed away from scrap purchases. The daily Davis Index for HMS 1&2 (80:20) settled flat at Rs33,300/mt del Mandi Gobindgarh, and the index for sponge iron settled at Rs32,200/mt delivered mill, also unchanged.
For imported HMS 1&2 (80:20) of UAE-origin, the index fell by $2/mt to $478/mt for cfr Nhava Sheva amid weak domestic fundamentals. Prices could remain under pressure until demand increased for finished steel.